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Sun Reports Higher Revenue

SOUTHFIELD, MI-Sun Communities REIT sees revenues increase 4% in first quarter, while expenses increase less than 1%. Occupancy remains level at 89.3%.

By Dan Heaton | Updated on April 26, 2004

SOUTHFIELD, MI-Sun Communities, Inc. says total revenues increased 4% to $49.8 million in the first quarter of 2004 compared to the first quarter of 2003. Sun, which owns and operates manufactured communities mostly in the Midwest and South, reports revenues increased 3.9% for the three months ended March 31 and expenses increased 0.9%, resulting in an increase in net operating income of 5.0% in the 108 communities owned throughout both years.

Same property occupancy in the manufactured housing sites decreased from 89.4% at the end of 2003, to 89.3%.

“These initial positive signs in the core portfolio seem to reflect the recovery we anticipate during the second half of this year,” says chairman and chief executive officer Gary Shiffman. “The last wave of repossessions created by previous lending practices seem to be moving through the system and thereby eliminating the overhang of this type of inventory. Strategically, the company expects to benefit by leveraging its operational team to lease sites and sell additional homes into existing non-revenue producing sites.”

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